First Business Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 26, 2017 at 09:03 pm
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First Business Financial Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net interest income of $16.753 million against $14.912 million a year ago. Income before income tax expense was $5.167 million against $6.268 million a year ago. Net income was $3.968 million or $0.46 per diluted share against $4.083 million or $0.47 per diluted share a year ago. Book value per share was $18.55 against $17.34 a year ago. Return on average assets (annualized) was 0.89% against 0.93% a year ago. Return on average equity (annualized) was 9.82% against 10.85% a year ago.
For the full year, the company reported net interest income of $63.328 million against $58.640 million a year ago. Income before income tax expense was $17.065 million against $24.891 million a year ago. Net income was $14.909 million or $1.71 per diluted share against $16.514 million or $1.90 per diluted share a year ago. Book value per share was $18.55 against $17.34 a year ago. Return on average assets (annualized) was 0.82% against 0.97% a year ago. Return on average equity (annualized) was 9.40% against 11.36% a year ago.
For the quarter, the company reported net charge-offs of $150,000 against $938,000 a year ago.
First Business Financial Services, Inc. is a bank holding company. The Company is engaged in the commercial banking business through its bank subsidiary, First Business Bank (the Bank). The Bank operates as a business bank, delivering a full line of commercial banking products and services tailored to meet the specific needs of small and medium-sized businesses, business owners, executives, professionals, and high net worth individuals. Its products and services are focused on business banking, private wealth, and bank consulting. It offers commercial real estate lending, commercial and industrial lending, asset-based lending, accounts receivable financing, equipment financing, floorplan financing, vendor financing, small business administration (SBA) lending and servicing, treasury management solutions, and company retirement services. Its private wealth management services include trust and estate administration, financial planning, investment management, and private banking.
First Business Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016